Quarter 1: Show opened at a 2.9
Q2: Lost 49,000 viewers (Chris Jericho vs. Kofi Kingston)
Q3: Lost 24,000 viewers (Backstage shenanigans with John Cena and Zack Ryder; John Laurinaitis and David Otunga)
Q4: Gained 93,000 viewers (Big Show vs. Randy Orton)
Q5: Gained 822,000 (return of Michaels, Triple H, Undertaker video) to take the show to a 3.6
Q6: Lost 621,000 viewers (Dolph Ziggler vs. R-Truth)
Q7: Lost 320,000 viewers (Tamina Snuka vs. Brie Bella; Eve walking into the back of an ambulance & ensuing snog with Cena)Q8: Lost 139,000 viewers (C.M. Punk vs. The Miz) to do a 2.8.
Over-run: Gained 505,000 (Kane zooming Ryder off a 3ft stage) viewers to close out on a 3.1.

Quarter 1: Show opened at a 2.9
Q2: Lost 49,000 viewers (Chris Jericho vs. Kofi Kingston)
Q3: Lost 24,000 viewers (Backstage shenanigans with John Cena and Zack Ryder; John Laurinaitis and David Otunga)
Q4: Gained 93,000 viewers (Big Show vs. Randy Orton)Q5: Gained 822,000 (return of Michaels, Triple H, Undertaker video) to take the show to a 3.6
Q6: Lost 621,000 viewers (Dolph Ziggler vs. R-Truth)
Q7: Lost 320,000 viewers (Tamina Snuka vs. Brie Bella; Eve walking into the back of an ambulance & ensuing snog with Cena)
Q8: Lost 139,000 viewers (C.M. Punk vs. The Miz) to do a 2.8.
Over-run: Gained 505,000 (Kane zooming Ryder off a 3ft stage) viewers to close out on a 3.1.

lol and people were speculating that it was HBK's fault for the low ratings

Quarter 1: Show opened at a 2.9
Q2: Lost 49,000 viewers (Chris Jericho vs. Kofi Kingston)
Q3: Lost 24,000 viewers (Backstage shenanigans with John Cena and Zack Ryder; John Laurinaitis and David Otunga)
Q4: Gained 93,000 viewers (Big Show vs. Randy Orton)Q5: Gained 822,000 (return of Michaels, Triple H, Undertaker video) to take the show to a 3.6
Q6: Lost 621,000 viewers (Dolph Ziggler vs. R-Truth)
Q7: Lost 320,000 viewers (Tamina Snuka vs. Brie Bella; Eve walking into the back of an ambulance & ensuing snog with Cena)
Q8: Lost 139,000 viewers (C.M. Punk vs. The Miz) to do a 2.8.
Over-run: Gained 505,000 (Kane zooming Ryder off a 3ft stage) viewers to close out on a 3.1.

I'm not sure, exactly, but I'm thinking a combination of the previous week's Raw being very uneventful combined with the image of the Elimination Chamber participants standing behind podiums somehow turned a lot of people off. Oh, and the dog show.

What a sad number. The Nitro where Russo won the WCW Championship got a 2.9 facing competition.

Yes, but a 2.9 back then and a 2.9 now aren't exactly the same thing. There are a lot more choices in television viewing for people in the realm of cable today.

However, it's still not a good rating and it's particularly dispiriting, I imagine, for WWE considering the time of year. At this point, they just have to create the closest thing they can to a cliffhanger of a pay-per-view that gets people excited and wanting to tune in to Raw on Monday night, and just build from there for the rest of the way to Wrestlemania.